by Calculated Risk on 10/16/2018 10:17:00 AM
Tuesday, October 16, 2018
Notes: In August there were 6.939 million job openings, and, according to the August Employment report, there were 6.234 million unemployed. So, for the fifth consecutive month, there were more job openings than people unemployed. Also note that the number of job openings has exceeded the number of hires since January 2015.
From the BLS: Job Openings and Labor Turnover Summary
The number of job openings reached a series high of 7.1 million on the last business day of August, the U.S. Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.8 million and 5.7 million, respectively. Within separations, the quits rate was unchanged at 2.4 percent and the layoffs and discharges rate was little changed at 1.2 percent. ...The following graph shows job openings (yellow line), hires (dark blue), Layoff, Discharges and other (red column), and Quits (light blue column) from the JOLTS.
The number of quits was little changed in August at 3.6 million. The quits rate was 2.4 percent. The number of quits was little changed for total private and for government. Quits increased in wholesale trade (+24,000) but decreased in professional and business services (-82,000). The number of quits was little changed in all four regions.
This series started in December 2000.
Note: The difference between JOLTS hires and separations is similar to the CES (payroll survey) net jobs headline numbers. This report is for August, the most recent employment report was for September.
Click on graph for larger image.
Note that hires (dark blue) and total separations (red and light blue columns stacked) are pretty close each month. This is a measure of labor market turnover. When the blue line is above the two stacked columns, the economy is adding net jobs - when it is below the columns, the economy is losing jobs.
Jobs openings increased in August to 7.136 million from 7.077 million in July.
The number of job openings (yellow) are up 18% year-over-year.
Quits are up 13% year-over-year. These are voluntary separations. (see light blue columns at bottom of graph for trend for "quits").
Job openings are at a series high (started in 2001), and quits are increasing year-over-year. This was a strong report.